Investment Rating - The industry rating is recommended for investment [5] Core Insights - The small nucleic acid drug industry is positioned as a core track in precision medicine due to technological breakthroughs and differentiated treatments, focusing on ASO and siRNA types to regulate genes at the mRNA level, overcoming traditional "undruggable" targets and covering thousands of rare and chronic disease-related targets [2][11][12] - The global market for small nucleic acid drugs is rapidly expanding, with a projected growth from $2.7 billion in 2019 to $5.7 billion in 2024 (CAGR of 16.2%), and expected to reach $20.6 billion by 2029 (CAGR of 29.4%), driven by the increase in chronic diseases and significant breakthroughs in liver-targeted technologies [3][21] - The industry is characterized by a dual structure of "international leaders dominating + local companies breaking through," with companies like Alnylam and Ionis leading the market while local firms focus on niche areas [3][40] Summary by Sections Industry Overview - Small nucleic acid drugs leverage unique mechanisms to achieve precise gene regulation, offering advantages over traditional small molecules and antibody drugs [11][12] - The technology has evolved from being considered "undruggable" to providing viable treatment options for various diseases, including rare genetic disorders [12][13] Market Expansion - The market is transitioning from rare diseases to common diseases, with chronic disease treatments expected to dominate in the future [21][22] - The introduction of significant products like Novartis' Inclisiran is anticipated to drive sales growth, with a projected revenue of $750 million in 2024 [21][22] Competitive Landscape - International leaders like Alnylam have established a strong market presence with multiple commercialized products, while local companies are innovating in specific niches [40][41] - Alnylam's revenue reached $2.62 billion in the first three quarters of 2025, marking a significant milestone in profitability and cash flow [40][41]

证券研究报告|宏观点评报告 [Table_Date] 2026 年 02 月 02 日 [Table_Title] 资产配置日报：一"什"激千层浪 2 月 2 日，全球资产陷入混沌之中。1 月 30 日，特朗普正式提名凯文·沃什为下任美联储主席，市场随即开 启关于"美联储降息+缩表"的预期交易，当日美元指数快速拉升，美股指数普调，伦敦金现货价格大幅下跌。2 月 2 日，美联储换帅影响从欧美辐射至亚太市场，日经 225、韩国综指、恒生指数、MSCI越南分别下跌 1.25%、 5.26%、2.23%、2.46%，国内股市同样受到冲击，沪深 300、中证 2000、科创综指分别下跌 2.13%、2.41%、 3.95%。 权益市场缩量下跌。万得全 A下跌 2.71%，全天成交额 2.61 万亿元，较上周五（1 月 30 日）缩量 2558 亿 元。港股方面，恒生指数下跌 2.23%，恒生科技下跌 3.36%。南向资金净流入 19.07 亿港元，其中腾讯控股净流 入 13.04 亿港元，而华虹半导体和紫金矿业分别净流出 6.15 亿港元和 4.64 亿港元。 权益市场下跌，或是贵金属大跌的连锁反应。上周五黄金白银出现 ...

1. Report Industry Investment Rating There is no information provided in the content about the report's industry investment rating. 2. Core Viewpoints of the Report - In February, the bond market may continue to fluctuate, and the coupon strategy may remain a relatively prudent choice. With low credit spreads and the need to control duration risk, investment strategies can focus on the refined exploration of variety spreads, increasing the allocation of low - credit - risk and high - absolute - return varieties [1][2] - Secondary perpetual bonds still have investment value, but their volatility may increase. It is recommended that trading desks control their positions according to their liability - side conditions and try reverse operations [4][5] 3. Summary by Relevant Catalog 3.1 Credit Bonds: Explore Variety Spreads, Pay Attention to Volatility Risks of Secondary Perpetual Bonds 3.1.1 Low Credit Spreads, Focus on Variety Spread Exploration - In January, the long - end interest rate showed a trend of "rapid rise → rapid fall → slow fall", credit bond yields declined, and credit spreads narrowed across the board. Medium - and low - rated bonds outperformed high - rated ones, and medium - and long - term varieties performed better [10][11] - In February, the bond market may continue to fluctuate. For accounts with unstable liability sides, it is not recommended to chase long - term credit. Focusing on medium - and short - term varieties may be relatively advantageous. After the spread compression in January, credit spreads are generally at a low level [14][15] - Investment strategies can focus on three aspects: exploring the spreads of perpetual varieties, seizing the allocation opportunities of brokerage bonds and brokerage sub - bonds, and grasping the "oversold" repair opportunities of science and technology innovation bond component bonds [18] 3.1.2 Secondary Perpetual Bonds Still Have Allocation Value, but Volatility May Increase - In January 2026, bank secondary perpetual bonds had a catch - up rally, with yields declining across the board and credit spreads narrowing, generally outperforming ordinary credit bonds. This rally was mainly driven by funds, while insurance's net buying volume gradually decreased [32][33] - 3 - 5 - year large - bank secondary perpetual bonds still have certain allocation value for accounts with stable liability sides. However, with the rapid entry of trading - desk funds such as funds and the reduction of insurance's buying volume, the volatility of secondary perpetual bonds may increase [39] 3.2 Urban Investment Bonds: Net Financing Increased Year - on - Year, Medium - and Long - Term Transaction Activity Rose - In January, the net financing of urban investment bonds was positive and increased year - on - year. The issuance proportion of medium - and long - term urban investment bonds increased, and the weighted average issuance interest rate decreased across the board [42] - The yields of urban investment bonds declined across the board in January, with medium - and long - term and low - grade varieties performing better. The trading sentiment of urban investment bonds improved, and the medium - and long - term transaction activity increased [48][54] 3.3 Industrial Bonds: Short - End Issuance Proportion Increased, Medium - and Long - Term Secondary Performance was Superior - In January, the issuance and net financing scale of industrial bonds increased year - on - year. The short - term issuance proportion of industrial bonds continued to rise, and the issuance interest rate generally declined [57] - The yields of industrial bonds declined across the board in January, with medium - and long - term varieties showing obvious repair. Most industries' public offering bond yields declined, and medium - and long - term varieties performed better [59][62] 3.4 Bank Secondary Perpetual Bonds: Transaction Sentiment Warmed Up, Medium - and Long - Term Varieties Significantly Repaired - In January 2026, there were no new bank secondary perpetual bond issuances, and the net financing was - 415 billion yuan, a year - on - year decrease of 36.1 billion yuan [65] - The yields of bank secondary perpetual bonds declined across the board in January, with medium - and long - term varieties significantly repaired. The trading sentiment of bank secondary perpetual bonds warmed up, and the transaction of city commercial bank secondary perpetual bonds spread to medium - and low - grade bonds [71][74]

[Table_Title] 2 月债市，关注资金与风偏 [Table_Title2] 利率月报 [Table_Summary] ►1 月债市，高开低走 回顾 1 月债市，长端利率经历预期之外的高开低走行情，供 需变化、风偏调整、机构行为、税期扰动成为主要影响变量。10 年国债收益率起步于 1.85%，月初高点一度摸至 1.90%，随后便 进入渐进回落阶段，月末收于 1.81%。 从结构性视角来看，尽管利率债行情不弱，但资管类机构似 乎倾向于在年初奠定高静态收益的基础，票息资产更受欢迎，3-5 年的中长期信用债、二永债表现更为占优。 ►2 月债市，四大关注 一是供需结构。继 1 月发行不及预期后，1 月 20 日前后地方 政府密集修正 2 月的地方债发行计划。按照最新测算结果，预计 2月国债、地方债净发行规模分别为4200、6500亿元，合计1.07 万亿元，总量上与 1 月的 1.18 万亿元规模相近，或在一定程度上 缓和年初供不应求的错配状态。从发行节奏上看，2 月政府债供 给压力集中前置的问题，同样值得关注，2 月首周政府债单周发 行量将达到 9767 亿元，约占 2 月总发行量的 53%，过于密集的 供 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - Anta announced on January 26, 2026, the acquisition of 29.06% of Puma SE for a total of €1.506 billion (approximately ¥12.278 billion), becoming its largest shareholder. This transaction is a key step in Anta's globalization strategy, aiming to integrate its operational capabilities with Puma's global platform, which has an annual revenue exceeding €8.8 billion (2024) [2][14] - Adidas achieved a record high revenue of €24.811 billion in 2025, with operating profit of €2.056 billion exceeding market expectations. The operating profit margin increased by 2.6 percentage points to 8.3%, and the gross profit margin rose to 51.6% [2][14] - VF Corporation reported a revenue of $2.82 billion in Q3 of FY2026, a 4% year-on-year increase (2% growth at constant currency), with a 6% growth in the Americas region after excluding the impact of the sold Dickies brand [3][14] Summary by Sections Investment Recommendations - Manufacturing: Strong expectations for upstream price increases, with wool prices rising since Q3 2025 and domestic cotton prices also starting to rise. Recommended stocks include Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. For growth-oriented midstream, recommended stocks are Jiansheng Group and Kairun Co [3][15] - Brand: Recent signs of recovery in high-end consumption, with potential inflation in 2026 benefiting the consumer sector. Recommended brands with profit elasticity include Jinhong Group, Ge Li Si, Luolai Life, and Stable Medical [3][15] - Procter & Gamble's industrial chain: Recommended stocks include Jieya Co (benefiting from brand-owned capacity transfer), with beneficiaries being Yanjing Co [3][15] Market Review - The SW textile and apparel sector rose by 0.64%, outperforming the Shanghai Composite Index by 1.08%. The top five gainers in the sector included Harsen Co, Zhongwang Fabric, Hongda High-Tech, Mingxin Xuteng, and Aokang International [16] - The main inflow of funds was into Harsen Co, with a net inflow ratio of 10.10%, while the largest outflow was from Sanfu Outdoor, with a net outflow ratio of 4.59% [16][22] Industry Data Tracking - Wool prices increased by 2.49% this week, with a year-to-date increase of 41.94%. The Australian wool market index reached 1689 AUD cents/kg, equivalent to ¥82,085.40/ton [4][35] - The cotton price index in China rose by 3.84% year-to-date, with the 3128B index at ¥16,183/ton [30][32] - In 2025, textile and apparel exports decreased by 2.26% year-on-year, with total exports amounting to $267.79 billion [52]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - Anta announced on January 26, 2026, the acquisition of 29.06% of Puma SE for a total of €1.506 billion (approximately ¥12.278 billion), becoming its largest shareholder. This transaction is a key step in Anta's globalization strategy, aiming to integrate its operational capabilities with Puma's global platform, which has an annual revenue exceeding €8.8 billion (2024). The deal requires multiple approvals by December 31, 2026, including antitrust and Anta's shareholder meeting [2][14] - Adidas achieved a record high revenue of €24.811 billion in 2025, with an operating profit of €2.056 billion, exceeding market expectations of €2.04 billion. The operating profit margin increased by 2.6 percentage points to 8.3%, and the gross profit margin rose to a high of 51.6% for the year [2][14] - VF Corporation reported a revenue of $2.82 billion in Q3 of fiscal 2026, excluding the impact of the sold Dickies brand, representing a year-on-year growth of 4% (2% growth at constant currency). In the Americas, revenue growth reached 6% after excluding Dickies [3][14] Summary by Sections Investment Recommendations - Manufacturing: Strong expectations for upstream price increases, with wool prices rising since Q3 2025 and domestic cotton prices also starting to increase. Recommended stocks include Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. For growth-oriented midstream, recommended stocks are Jian Sheng Group and Kairun Co [3][15] - Brand: Recent signs of recovery in high-end consumption, with potential inflation in 2026 benefiting the consumer sector. Recommended brands with profit elasticity include Jinhong Group, Ge Li Si, Luolai Life, and Stable Medical [3][15] - Procter & Gamble's industrial chain: Recommended stocks include Jieya Co (benefiting from brand-owned capacity transfer), with beneficiaries being Yanjing Co [3][15] Market Review - The SW textile and apparel sector rose by 0.64%, outperforming the Shanghai Composite Index by 1.08% and the ChiNext Index by 0.73%. The top-performing sectors were footwear, home textiles, and textile machinery, while the worst performers were maternal and child products and high-end women's wear. The top five stocks by increase were Harsen Co, Zhongwang Fabric, Hongda High-Tech, Mingxin Xuteng, and Aokang International, while the top five by decrease were Shuhua Sports, Sanfu Outdoor, Langzi Co, Nanshan Zhishang, and Mengjie Co [16] Industry Data Tracking - Wool prices increased by 2.49% this week, with a year-to-date increase of 41.94%. As of January 22, 2026, the Australian wool market's eastern market composite index was 1689 AUD cents/kg, equivalent to ¥82,085.40/ton. This price increase began in July 2025 and has accelerated since then, with the index rising for 12 consecutive weeks [4][35] - The cotton price index in China rose by 3.84% year-to-date, with the 3128B index at ¥16,183/ton as of January 30, 2026 [30][32] - In 2025, textile and apparel exports totaled $267.79 billion, a year-on-year decrease of 2.26%. December exports were $25.992 billion, down 7.4% year-on-year but up 13.65% month-on-month [52]

[Table_Date] 2026 年 2 月 2 日 [Table_Title] 2025 年黄金需求同比增加 8%至 4999.4 吨，投资需求同 比增加 84%至 2175.3 吨 证券研究报告|行业动态报告 [Table_Title2] 有色金属 [Table_Summary] ►供给：2025 年黄金总供应量同比增长 1%，达到 5002.3 吨 生产商一直专注于全价风险敞口，对套期保值兴趣寥寥。黄金 矿商在 2025 年同样表现亮眼。然而，市场对金价下跌的中位 数预期可能促使部分参与者提高警惕。套期保值行为正从看涨 期权卖出转向看跌期权买入——尽管规模仍相对有限——这表 明矿商希望在保留上行风险敞口的同时获得下行保护。但要将 产量提升至当前水平之上仍将面临挑战。 ►需求：2025 年黄金需求（不考虑 OTC及其他）达到 4999.4 吨，同比增长 8% 2025 年，不考虑 OTC 及其他，黄金总需求同比增长 8%至 4999.4 吨。其中金饰制造 1638.0 吨，同比减少 19%；科技用金 322.8 吨，同比减少 1%；投资需求 2175.3 吨，同比增长 84%； 央行购金 863.3 吨 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1052 points this week, up 0.47% week - on - week, but the market trading activity declined marginally. The total market capitalization of 78 listed REITs reached 228.7 billion yuan, with a circulating market capitalization of 124.7 billion yuan. The Huaxia Zhonghe Clean Energy REIT will be listed on February 2, 2026 [1][11]. - The first batch of 8 commercial real - estate REITs were accepted by the Shanghai Stock Exchange. With excellent occupancy rates and good locations, they are worthy of attention for their application progress and new - share subscription opportunities [2][20][21]. - In the secondary market, new - type facilities declined by 1.19%, while energy facilities led the gain by 1.54%. It is advisable to focus on hydropower assets with high stability or projects with high guarantee of distributable amounts [5][6][26]. 3. Summary by Relevant Catalogs 3.1 Primary Market: The First Batch of 8 Commercial Real - Estate REITs Accepted - In late 2025, the CSRC officially launched commercial real - estate REITs, focusing on commercial complexes, commercial retail, office, hotels and other commercial assets with clear ownership, mature operation models, and stable cash flows [2][17]. - From January 29 - 30, 2026, the first batch of 8 commercial real - estate REITs were accepted by the SSE. The total proposed fundraising scale is about 31.475 billion yuan, with the largest being CICC Vipshop Commercial Real - Estate REIT (7.47 billion yuan) and the smallest being Huaan Jinjiang Commercial Real - Estate REIT (1.703 billion yuan). The original equity holders include private enterprises, foreign - funded enterprises, Shanghai state - owned enterprises, and central enterprises [2][20]. - The occupancy rates of the first batch of 8 commercial real - estate REITs are excellent, and some are fully occupied. The average occupancy rate of 21 "Jinjiang Metropolo" hotels is about 61.58%. They are mainly located in core cities [3][21]. 3.2 Secondary Market: New - Type Facilities Corrected, Energy Facilities Led the Gain - Except for a 1.19% decline in new - type facilities, other asset types rose slightly, with energy facilities leading the gain at 1.54%, followed by municipal environmental protection (+0.52%) and transportation facilities (+0.41%) [5][26]. - The data center (IDC) sector had a significant pull - back this week. Runze Technology and万国 Data Center declined by 0.40% and 2.67% respectively. The two IDC REITs' dynamic distribution rates are close to the reference value, and opportunities from subsequent asset fluctuations can be monitored [5][29]. - Energy facilities had the largest increase this week. ICBC Inner Mongolia Energy Clean Energy REIT performed well, but it is recommended to give priority to hydropower assets with high stability or projects with high guarantee of distributable amounts due to the large performance fluctuations of energy - related projects in Q4 2025 [6][32][34]. - The industrial park sector rose 0.34% this week. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The consumption infrastructure sector rose 0.22% this week. With the late Spring Festival this year, the consumption boom continues to support the Q1 performance of each project. Some projects with relatively high distribution rates are worth attention [39][40]. - The trading activity of REITs weakened marginally this week. In terms of sectors, except for municipal environmental protection, the turnover rates of each asset sector declined. Attention can be paid to the trading situation of the consumption sector [42][45][46].

Investment Rating - Industry Rating: Recommended [3] Core Insights - The report highlights the implementation of a national seed market inspection for spring crops, focusing on key crops such as corn, soybeans, rice, cotton, potatoes, and vegetables. This initiative aims to ensure seed quality and combat counterfeit products, which is expected to enhance the planting industry chain [1][11]. - The report anticipates a continued acceleration in the commercialization of genetically modified (GM) seeds, which is crucial for improving self-sufficiency rates in key varieties. The upcoming central document is expected to catalyze the seed industry sector [1][11]. - In the pig farming sector, the average price of live pigs has decreased to 12.61 CNY/kg, reflecting a 2.91% week-on-week decline. This trend is attributed to seasonal consumption patterns and inventory adjustments post-holiday [2][12]. - The report suggests that the pig farming sector may see accelerated capacity reduction as it enters a traditional off-season for pork consumption, presenting potential investment opportunities [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated a seed market inspection to ensure the safety of seeds for spring production, focusing on major crops [1][11]. - The emphasis on GM technology is expected to revolutionize yield improvements and enhance self-sufficiency in key crops [1][11]. - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on companies with significant first-mover advantages in the seed industry such as Dabeinong and Longping High-Tech [1][11]. Pig Farming - The average price of live pigs is currently 12.61 CNY/kg, with a notable week-on-week decline of 2.91% due to seasonal factors and inventory management [2][12]. - The number of breeding sows has decreased to 39.61 million, reflecting a 2.9% year-on-year decline, indicating a trend towards capacity reduction [2][12]. - Recommended stocks in the pig farming sector include Lihua Agricultural, Muyuan Foods, and Shuanghui Development, among others [2][12]. Key Agricultural Product Data Tracking - Corn: The average price is 2377.26 CNY/ton, with a week-on-week increase of 0.32% [26]. - Wheat: The average price is 2529.67 CNY/ton, with a week-on-week increase of 0.18% [29]. - Soybeans: The average price is 4072.11 CNY/ton, remaining stable week-on-week [41]. - Cotton: The average price is 15750 CNY/ton, with a week-on-week increase of 0.56% [46]. Feed and Vitamin Prices - The average price of pig feed is 2.65 CNY/kg, stable week-on-week [53]. - Vitamin E averages 55.30 CNY/kg, reflecting a week-on-week increase of 1.47% [63].

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - In January, the wealth - management scale continued to decline, with a monthly decrease of 1.142 billion yuan, contrary to market expectations of a rebound. Looking ahead, before the Spring Festival in February, the scale may show a moderate growth trend [1][9]. - The inter - bank leverage ratio continued to decline, while the exchange leverage ratio increased, and non - bank institutions increased leverage [2][35]. - Interest - rate and credit - type medium - and long - term bond funds compressed their durations, while medium - short - term and short - term bond funds slightly increased their durations [3][44]. - The supply scale of government bonds increased significantly in early February, with a planned issuance of 906.7 billion yuan in the first week of February [50]. 3. Summary According to Relevant Catalogs 3.1 1 - Month Wealth - Management Scale Decline 3.1.1 Weekly Scale - From January 19 - 23, the wealth - management scale continued to rise, with a week - on - week increase of 7.41 billion yuan to 33.35 trillion yuan, higher than the historical same - period level. From January 26 - 30, due to the drive of funds returning to the balance sheet, the scale decreased by 178.8 billion yuan to 33.18 trillion yuan, and the decline was more than seasonal [8]. 3.1.2 Wealth - Management Risks - Product net values continued to rise, and the proportion of negative yields remained low. The proportion of all products with negative yields in the interval remained low at 0.96%. The wealth - management break - even level slightly increased, with the break - even rate of all products rising by 0.03 pct to 0.2%. The proportion of products with unmet performance targets continued to decline, with the non - performance rate of all wealth - management products dropping by 0.3 pct to 23.9% [15][24]. 3.2 Leverage Ratio: Inter - bank Continued to Decline - From January 26 - 30, affected by cross - month demand, capital prices seasonally increased. The average weekly trading volume of inter - bank pledged repurchase decreased, and the average overnight proportion also decreased. The inter - bank leverage ratio continued to decline, the exchange leverage ratio increased, and non - bank institutions increased leverage [32][35]. 3.3 Interest - Rate and Credit - Type Medium - and Long - Term Bond Funds Compressed Durations - From January 26 - 30, due to insufficient incremental information at the end of the month, institutions were still cautious in their operations. The average weekly durations of interest - rate and credit - type medium - and long - term bond funds decreased. The durations of medium - short - term and short - term bond funds slightly increased [42][44]. 3.4 Government Bond Supply Scale Increased Significantly in Early February - In the first week of February (February 2 - 6), the planned issuance of government bonds was 906.7 billion yuan, a significant increase from the previous week. The estimated net payment scale of government bonds was about 460.4 billion yuan, still higher than the weekly median payment level since 2025. In terms of different types of bonds, the net payment scale of treasury bonds decreased, while that of local bonds increased [50][53].